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<p>Central bank digital currency (CBDC) is a form of digital currency circulated by a central bank, serving as a digital equivalent of fiat money. As an emerging innovation, it has the potential to transform monetary systems and payment mechanisms that help in achieving remarkable progress. Despite their growing importance, there remains a lack of comprehensive reviews synthesizing the prevailing literature on CBDC. Based on the “theory–context–characteristics–methodology” (TCCM) framework, this article offers a thorough analysis of dominant theories, context (i.e., nations), characteristics (i.e., variables and their relationship) and methods (i.e., methodology and techniques) employed in CBDC literature published between 2019 and 2025. The authors systematically analyzed 108 articles from “Scopus and Web of Science” databases, all in the ABDC journal quality list 2022. Through annual publication trends, the findings show that research on CBDC is rapidly increasing due to technological advancement. This research also offers a conceptual framework by organizing its determinants into five categories (i.e., cognitive determinants, affective determinants, barriers in CBDC adoption, social determinants and other determinants) based on a synthesis of existing knowledge. Finally, this review highlights gaps in the prevailing literature and recommends meaningful future research directions to enhance the scientific literature on CBDC.</p>

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Past, present and future of central bank digital currency: a systematic literature review and relevant issues

  • 期刊论文

  • 发表日期：

    2025年6月26日

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  • Jitender Kumar,
  • Manju Rani

摘要

Central bank digital currency (CBDC) is a form of digital currency circulated by a central bank, serving as a digital equivalent of fiat money. As an emerging innovation, it has the potential to transform monetary systems and payment mechanisms that help in achieving remarkable progress. Despite their growing importance, there remains a lack of comprehensive reviews synthesizing the prevailing literature on CBDC. Based on the “theory–context–characteristics–methodology” (TCCM) framework, this article offers a thorough analysis of dominant theories, context (i.e., nations), characteristics (i.e., variables and their relationship) and methods (i.e., methodology and techniques) employed in CBDC literature published between 2019 and 2025. The authors systematically analyzed 108 articles from “Scopus and Web of Science” databases, all in the ABDC journal quality list 2022. Through annual publication trends, the findings show that research on CBDC is rapidly increasing due to technological advancement. This research also offers a conceptual framework by organizing its determinants into five categories (i.e., cognitive determinants, affective determinants, barriers in CBDC adoption, social determinants and other determinants) based on a synthesis of existing knowledge. Finally, this review highlights gaps in the prevailing literature and recommends meaningful future research directions to enhance the scientific literature on CBDC.